{"id":454472,"date":"2021-01-13T22:48:51","date_gmt":"2021-01-13T22:48:51","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=454472"},"modified":"2024-06-11T14:12:44","modified_gmt":"2024-06-11T14:12:44","slug":"bitcoin-just-passed-37k-and-analysts-say-the-bottom-may-be-in","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-just-passed-37k-and-analysts-say-the-bottom-may-be-in\/","title":{"rendered":"Bitcoin Just Passed $37k\u2014and Analysts Say the Bottom May Be In"},"content":{"rendered":"

Bitcoin has undergone an extreme rally over the past day, surging from the $33,000 region past $37,000 as of this article’s writing. The cryptocurrency now sits above $37,000 for the first time since the weekend and is up 10% in the past day’s trading session.<\/p>\n

The cryptocurrency is outperforming altcoins in this move higher. While Bitcoin has gained 10% in the past day’s trading session, altcoins such as Ethereum and XRP are only up 3-5%.<\/p>\n

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment<\/a><\/h6>\n

The Bitcoin Bottom Is In?\u00a0<\/strong><\/h2>\n

Analysts think that the Bitcoin price bottom may be in after the correction to $30,000 earlier this week, which caught many traders off guard.<\/p>\n

Ki Young Ju, the chief executive of CryptoQuant, commented that there was a large amount of buying pressure on spot exchanges at the $30,000-32,000 range. This is evidenced by the fact that there was a large amount of capital outflows from centralized exchanges on the date of the drop, suggesting accumulation by large players:<\/p>\n

\u201cThere are many institutional investors who bought $BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.\u201d<\/p><\/blockquote>\n

\n

There are many institutional investors who bought $BTC<\/a> at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.<\/p>\n

Speculative guess, but if these guys are behind this bull-run, they'll protect the 30k level. Even if we have a dip, it wouldn't go down below 28k. pic.twitter.com\/3GXLpjyWbp<\/a><\/p>\n

— Ki Young Ju (@ki_young_ju) January 13, 2021<\/a><\/p><\/blockquote>\n